Question

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.
  

Accounts	Debit				Credit
Cash	$	11,800
Accounts Receivable		148,000
Prepaid Rent		5,800
Supplies		29,000
Equipment		380,000
Accumulated Depreciation					$	133,000
Accounts Payable						11,800
Salaries Payable						10,800
Interest Payable						4,800
Notes Payable (due in two years)						38,000
Common Stock						280,000
Retained Earnings						58,000
Service Revenue						480,000
Salaries Expense		380,000
Rent Expense		19,000
Depreciation Expense		38,000
Interest Expense		4,800
Totals	$	1,016,400			$	1,016,400

1. Prepare an income statement for the year ended December 31, 2021.

2. Prepare a statement of stockholders' equity for the year ended December 31, 2021, assuming no common stock was issued during 2021.

3. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)

Answer 1

Requirement (3) Fightin Blue Hens Corporation Balance Sheet December 31,2021. Requirement (1) Fightin Blue Hen's Corporation Income Statement For the Year Ended December 31,2021 Service Revenue $ Expenses Salaries Expense $ 380,000 Depreciation Expense $ 38,000 Rent Expense $ 19,000 Interest Expense $ 4,800 480,000 Liabilities Assets Cash Accounts Receivable Prepaid Rent Supplies $ 11,800 Accounts Payable $ 148,000 Salaries Payable $ 5,800 Interest Payable $ 29,000 $ 11,800 $ 10,800 $ 4,800 Total Current Assets $ 27,400 $ 38,000 Total Expense Net Income $ $ 441,800 38,200 Equipment Accumulated Depreciation $ 194,600 Total Current liabilities Notes Payable $ 380,000 $(133,000) Total Long term labilities $ 38,000 Stockholders Equity Common Stock $ 247,000 Retained Earnings Total Long term assets $ 280,000 $ 96,200 Requirement (2) Fightin Blue Hen's Corporation Statement of stockholder's Equity For the Year Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders Equity Balance at January 1 $ 280,000 $ 58,000 $ 338,000 Add : Common Stock issuance $ $ Add : Net Income 38,200 $ 38,200 Less : Dividends $ $ $ Balance at December 31 $ 280,000 $ 96,200 $ 376,200 Total Assets Total Stockholders Equity $376,200 $ 441,600 Total liabities and Stockholders Equity $441,600 Note : Please comment down for any further clarifications Note : Do Comment if there is any issue with account titles